Alibaba’s ex-chairman Daniel Zhang steps down as CEO of cloud business unit
Alibaba Group Holding’s former chairman Daniel Zhang stepped down as chairman and chief executive of its cloud business unit on Sunday. Eddie Wu, an Alibaba BABA, +0.09% 9988, -3.63% co-founder, has become acting head of the cloud unit after Zhang’s departure, an Alibaba spokesperson said in a statement. Wu and Brooklyn Nets owner Joe Tsai, […]
Apple buying Disney is unlikely
About 10 years ago, I invented a rule about covering mergers and acquisitions that still hasn’t failed me. Here it is: Will Apple buy [insert company of your choice here]? –> No. Apple almost never buys name-brand companies. Its largest takeover was 2014’s $3 billion deal for Beats Electronics. Apple is strict about its culture […]
Apple buying Disney is unlikely
About 10 years ago, I invented a rule about covering mergers and acquisitions that still hasn’t failed me. Here it is: Will Apple buy [insert company of your choice here]? –> No. Apple almost never buys name-brand companies. Its largest takeover was 2014’s $3 billion deal for Beats Electronics. Apple is strict about its culture […]
Instacart reportedly seeking valuation of less than $10 billion in its IPO
Instacart is targeting a valuation below $10 billion for its upcoming initial public offering, the Wall Street Journal reported Sunday, a far cry from the nearly $40 billion it was valued at just a couple of years ago. According to the Journal, Instacart is seeking a valuation of roughly $8.6 billion to $9.3 billion, and […]
Record number of Americans to bet on NFL this season
Buffalo Bills quarterback Josh Allen (17) runs the ball during the AFC Divisional Round playoff game against the Kansas City Chiefs on January 23rd, 2022 at Arrowhead Stadium in Kansas City, Missouri. William Purnell | Icon Sportswire | Getty Images As legalized sports gambling expands across the U.S., a record 73.5 million Americans plan to […]
When will consumers stop buying more stuff? It’s a key question for the stock market in the week ahead.
Consumer spending has defied Wall Street expectations all year, both by keeping stocks afloat near record levels and by preventing the U.S. economy from running aground into a recession. That’s why sentiment around stocks in the week ahead could hinge on two related economic data points: the consumer-price index (CPI) for August due on Wednesday […]
How Taylor Swift could change the movie theater industry
Taylor Swift pauses between songs during her first sold-out concert of three nights at AT&T Stadium in Arlington, Texas, in March. Fort Worth Star-telegram | Tribune News Service | Getty Images LOS ANGELES – Taylor Swift changed the music industry. Now she’s coming for the movies. The cinema industry is in a state of flux. […]
Ozempic, Wegovy may curb drinking, smoking: What we know
An Ozempic (semaglutide) injection pen is seen on a kitchen table in Riga, Latvia on 06 August, 2023. Jaap Arriens | Nurphoto | Getty Images Heather Le Biller shed 9 pounds within the first week of taking Novo Nordisk‘s blockbuster diabetes drug Ozempic – and then even more as she continued treatment. Le Biller, a […]
Guilty plea roils case of yoga gurus accused of taking millions from Malibu doc
Their shared hippie spirit brought them together over a vegan potluck dinner, but the prospect of years in federal prison for allegedly stealing millions from a mentally-ill Malibu doctor, has driven a wedge between them. A federal fraud prosecution against a pair of yoga gurus accused of siphoning cash from Dr. Mark Sawusch’s $60 million […]
Airlines warn about spike in fuel costs, Southwest narrows revenue outlook
A bird flies by in the foreground as a Southwest Airlines jet comes in for a landing at McCarran International Airport on May 25, 2020 in Las Vegas, Nevada. Ethan Miller | Getty Images Major U.S. airlines warned about a spike in jet fuel prices, adding to costs during the busy summer travel season. Jet […]
